Determine the effect of the following errors on a company's total revenue, total expenses, and net income.
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Total Revenue Expenses Income Total Net Transactions Example: A check for $325 was written to pay on account. The accountant debited Rent Expense for $325 and credited Cash for $325 a. $615 was received on account from NA customers. The accountant debited Cash for $615 and crec Professional Fees for $615 b. The owner witudrew $1,500 for personal use. The accountant debite $1,500 and credited Cash for $1,500. d Salary Expense for c. A check was written for $1,265 to pay the rent. The accountant debited Rent Expense for $1,625 and credited Cash for $1,625. d. $2,100 was received on account from customers. The accountant debited Cash for $2,100 and credited the Capital account for $2,100 e. A check was written for $525 to pay the phone bill received and recorded earlier in the month. The accountant debited Phone Expense for $525 and credited Cash for $525.
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DESCRIPTION TOTAL REVENUE TOTAL EXPENSES NET INCOME 0 Example A check for 325 was writt...View the full answer
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